“Insurance Regulatory and Development Authority of India (Inspection and Fee for Supply of Copies of Returns) Regulations, 2015” outlines the rules regarding the inspection and procurement of copies of returns submitted to the IRDAI. Here’s a detailed summary of the regulation:
Title and Commencement:
Officially named as the “Insurance Regulatory and Development Authority of India (Inspection and Fee for Supply of Copies of Returns) Regulations, 2015.”
The regulations came into effect upon publication in the Official Gazette.
Definitions:
Definitions are provided for terms like “Act” (referring to the Insurance Act, 1938), “Authority” (referring to the IRDAI), “Inspection,” and “Return” (any mandated information or statement submitted to the Authority).
Inspection of Returns:
Any person can request to inspect any return under Section 20(1) of the Act by making a written application to the IRDAI.
No fee is charged for inspecting returns.
The IRDAI will provide a date for inspection at its office premises, to be scheduled within 30 working days of receiving the application.
Fee for Supply of Copies of Returns:
Anyone seeking a copy of a return under Section 20(1) must also apply in writing.
Fees for copies are set at Rs. 100 per page or part thereof in physical form and Rs. 75 per page in electronic form.
Fees can be paid in cash, via demand draft, banker’s cheque, or electronic fund transfer to the IRDAI.
The IRDAI will supply the requested copies within 30 working days of receiving the applicable fee.
Supply of a Copy of Memorandum and Articles of Association:
Policyholders may request copies of the insurer’s memorandum and articles of association under Section 20(3).
The same fee structure and payment methods apply as for the supply of copies of returns.
The insurer must provide the requested documents within 30 working days of receiving the payment.
Power to Remove Difficulties and Issue Clarifications:
The Chairperson of the Authority may issue clarifications or guidelines to resolve any doubts or difficulties arising from the application or interpretation of these regulations.
These regulations ensure transparency and regulate the process of obtaining official documents related to insurance operations, specifying clear guidelines for the inspection and procurement of documents, while also detailing the associated fees.
